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RESOLUTION NO. <br />12-043 <br />City of New Brighton <br />County of Ramsey <br />State of Minnesota <br />Amending the Long -Term Financing Plan for the Capital Replacement Plans <br />s, the City of New Brighton provides numerous services for the public. These services <br />the use of a wide range of capital assets. It is recognized that these capital assets must be <br />ned and will eventually wear out and need to be replaced; and <br />as, the City faces the challenges of meeting infrastructure and equipment needs with <br />financial resources. Ongoing service delivery can be assured only if adequate <br />-ration is given to capital needs; and <br />as, in order to meet these needs, the City has established Capital Replacement Plans. <br />pital Replacement Plans are multiyear plans identifying capital needs to be financed <br />the planning period; and <br />as, the City's Capital Replacement Plans consist of the Fleet Capital Replacement, the <br />eet Capital Replacement, and the Pavement Management Plans; and <br />as, a critical component of effective Capital Replacement Plans is long-term financing; <br />reas, the City Council adopted Resolution No. 10-056, Adopting the Long -Term Financing <br />for Capital Replacement Plans on August 10, 2010, which identified additional sources of <br />cing necessary to maintain its capital assets and service levels; and <br />eas, the City Council modified the Long -Term Financing Plan for Capital Replacement <br />in 2011 by deferring the issuance of Equipment Certificate debt and by including an <br />onal transfer from the General Fund to the Capital Replacement Plans. <br />Therefore Be It Resolved that: <br />The Long -Term Financing Plan for Capital Replacement Plans is modified as follows: <br />1. The General Fund's annual operating budget will continue to include a transfer out <br />of $172,000 to the Capital Replacement Funds. <br />2. The City Council will consider issuing Equipment Certificates to finance the <br />replacement of public safety equipment, road construction or maintenance <br />equipment, and other capital equipment, when appropriate. The annual debt <br />Page 1 of 2 <br />